cost per mile (by 6x6 [TN]) Oct 13, 2020 10:48 AM
cost per mile (by David [MI]) Oct 13, 2020 11:05 AM
cost per mile (by Shaun [FL]) Oct 13, 2020 11:51 AM
cost per mile (by WMH [NC]) Oct 13, 2020 12:00 PM
cost per mile (by 6x6 [TN]) Oct 13, 2020 12:43 PM
cost per mile (by David [MI]) Oct 13, 2020 12:47 PM
cost per mile (by 6x6 [TN]) Oct 13, 2020 1:08 PM
cost per mile (by Steve [MA]) Oct 13, 2020 5:36 PM
cost per mile (by Pmh [TX]) Oct 13, 2020 5:46 PM
cost per mile (by BRAd 20,000 [IN]) Oct 14, 2020 1:41 AM
cost per mile (by nhsailmaker [NH]) Oct 14, 2020 9:34 AM
cost per mile (by nhsailmaker [NH]) Oct 14, 2020 9:35 AM
cost per mile (by 6x6 [TN]) Oct 14, 2020 1:59 PM
cost per mile (by Ray-N-Pa [PA]) Oct 15, 2020 6:28 PM
cost per mile (by 6x6 [TN]) Posted on: Oct 13, 2020 10:48 AM Message:
I am curious as to how many of you figure in your cpm (cost per mile) on your vehicles as you are using them in your rental or other business?
For those who do, how do you calculate it?
What is your cpm and for what type of vehicle (HD truck, light truck, SUV, Porsche) ?
I have a Ram 2500 diesel and I have calculated my cpm to be around $2.88 pm thus far. It is a low mileage truck though but 19 years old now. I figure in my purchase cost( price, int. tags, tax) and then maintenance and repair cost and also cleaning cost and any parts and material. Also there is insurance tag renewal every year and of coarse fuel. I do the detailing myself and figure about $100 per year in utilities cost and about $30 /h. Most dealers charge around $100+ /h for labor on repairs so I figure in $100 /h on that. I do try to figure a little high so as to not end up short in my figures.
Whenever I try to determine how much something cost me to do, I always figure in my cpm vehicle expense. I want to know exactly, as close as possible, how much something really cost me.
I have asked people in the past, that have done something like flip a house or do remodel work for others, if they knew what there cost was to use there vehicle in this adventure or more specifically, if they know what there cpm is and the answer is always, no. I just don't understand how you could not consider that as a cost. So, did they really make what they think they made? I have had some tell me that they charged for fuel but that is not the full cpm. Am I missing something?
I also am trying to figure out how the IRS comes to there figures as it doesn't come close?
How do other businesses figure cpm?
Thank you for your time and wisdom. --73.120.xx.xxx |
cost per mile (by David [MI]) Posted on: Oct 13, 2020 11:05 AM Message:
I don't know how you're getting $2.88 a mile ... but something is not right --50.4.xxx.x |
cost per mile (by Shaun [FL]) Posted on: Oct 13, 2020 11:51 AM Message:
Since I use my personal vehicle, I keep a calendar of where, when and which property. Then use the IRS amount per mile for that particular year. --205.223.xxx.xx |
cost per mile (by WMH [NC]) Posted on: Oct 13, 2020 12:00 PM Message:
You can either track actual expenses or simply use the IRS number per business mile.
I've been using MileIQ for close to two years now, and I'm quite happy with its tracking. --50.82.xxx.xxx |
cost per mile (by 6x6 [TN]) Posted on: Oct 13, 2020 12:43 PM Message:
Thank you all for the responses thus far.
I Keep track of my miles driven and I realize that I could calculate mileage or expenses as far as IRS goes but what I am looking for is how do you personally calculate your actual cost per mile for the vehicle itself that you are using in order to determine the true cost of that vehicle. --73.120.xx.xxx |
cost per mile (by David [MI]) Posted on: Oct 13, 2020 12:47 PM Message:
you should be deducting the true cost of your vehicle . All the expenses that go into $2.88per Mile, you should be deducting
Am I misunderstanding your question? --50.4.xxx.x |
cost per mile (by 6x6 [TN]) Posted on: Oct 13, 2020 1:08 PM Message:
Let me try another approach.
Let's say that I am not interested in filling anything on taxes but am just messing with a classic vehicle and just want to personally know how to calculate the actual cost of that vehicle. I am pretty sure that I have covered all of the bases as I count all of the actual expenses plus labor but, I feel like that my numbers are not the same as others(people or businesses). My wife's car, for example, I calculated out to be around 88 cents per mile. I also am just curious as to how many of you actually figure your cpm as I have asked people that I know about it before and they do not know what there cpm is for there vehicles that they use in there work or otherwise.
--73.120.xx.xxx |
cost per mile (by Steve [MA]) Posted on: Oct 13, 2020 5:36 PM Message:
A word of caution for those of you who just keep track of your miles & use the IRS per mile deduction. When I was in sales & drove a lot, I was audited over my mileage expense. What they want to see is a starting odometer reading, purpose of trip, ending odometer reading for each stop along the way. They also wanted to disallow the first & last stops of the day & consider them commuting miles. This ended up costing be a pretty penny to learn. Of course for your LL related trips, medical trips, charity trips, etc they won't deduct any commuting miles but will want odometer readings & reason for trip. Of course if you never get audited no one will be asking you to verify your miles. --71.174.xxx.xx |
cost per mile (by Pmh [TX]) Posted on: Oct 13, 2020 5:46 PM Message:
I suppose if you wanted real cost per mile, on monthly basis to average: gas cost for the month, insurance for the month, depreciation for the month. I have not thought about it your way before. I just always look at it on operational basis. mileage. insurance & depreciation are sunk costs so not relevant to any purchase or comparable decision. I buy what my wife approves or wants so cpm is nothing I ever think about. She wants a white Nissan Juke with moon roof I buy it. as I did in 2011 & found her the only one in dfw then. She isn’t concerned about cpm...on side note: .i think IRS now is .5475 per mile now (?)
--72.180.xx.xxx |
cost per mile (by BRAd 20,000 [IN]) Posted on: Oct 14, 2020 1:41 AM Message:
6man,
Experts who study this say it costs much more than the 50whatever cents per mile the govt allows. Does anybody think the govt is gonna give you the true cost?
Hears ago an ex-IRS agent told me he was on the committee and they decided 50 cents at the time based on their test car - a Yugo with bald tires, a stick, and no ac, carefully driven by an IRS person.
My Porsche is listed on my tax forms as RED CAR deducts actual cost because the repairs are high and I don't rack up many miles.
BRAD --73.102.xxx.xxx |
cost per mile (by nhsailmaker [NH]) Posted on: Oct 14, 2020 9:34 AM Message:
Steve (MA) - MILE IQ - MILE IQ - MileIQ - check it out
Best $6 I spend each month ( deductible business expense)
as per -WMH [NC] - it works great --24.62.xxx.xxx |
cost per mile (by nhsailmaker [NH]) Posted on: Oct 14, 2020 9:35 AM Message:
Steve (MA) - MILE IQ - MILE IQ - MileIQ - check it out
Best $6 I spend each month ( deductible business expense)
as per -WMH [NC] - it works great --24.62.xxx.xxx |
cost per mile (by 6x6 [TN]) Posted on: Oct 14, 2020 1:59 PM Message:
Thank you all for the responses and tips.
Pmh, I apologize for my ignorance but, what exactly do you mean by sunk cost?
Or the whole statement:
"I just always look at it on operational basis. mileage. insurance & depreciation are sunk costs so not relevant to any purchase or comparable decision" --73.120.xx.xxx |
cost per mile (by Ray-N-Pa [PA]) Posted on: Oct 15, 2020 6:28 PM Message:
I love how you IDed your car Brad......Red --24.101.xxx.xx |
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